The Malta Gaming Authority (MGA) announced the decision to cancel the authorisation awarded to SFJL Holding in a statement on its website, which came into effect on Wednesday.
This was done to terms 10 (1) (b) of the Gaming Compliance and Enforcement Regulations.
This is not the first time that the MGA has gotten involved with SFJL Holding, with the MGA suspending the company's operating licence back in August. During this time, the company was unable to carry out any gaming operations.
This was put in place due to SFJL Holding’s failure to comply with several gaming regulations in Malta. This included a 'failure to comply with obligations in terms of regulatory instrument or other applicable law’ and a ‘flagged Section 9 (1) (K), where licensees must seek the regulator’s approval over certain changes within the business.'
In the statement to cancel authorisation, the MGA has directed SFJL Holding to settle its fees due to the MGA in the next seven days, and to remove any mentions of the MGA in accordance with article 51 of the Gaming Act.
Moreover, SFJL Holding must submit a transaction report to the MGA to prove that registered players have had all funds owed to them returned. The company also has seven working days to complete this.
If SFJL Holding feels aggrieved by the ruling, it may choose to appeal against the MGA’s decision through the Administrative Review Tribunal. The company has 20 days as of the decision’s announcement to complete this.
